Pan American Energy has acquired 720 filling stations from Exxon Mobil in Argentina, Uruguay and Paraguay. According to Exxon Mobil, the deal is expected to close by the end of the year. The deal includes a refinery near Buenos Aires. The companies did not disclose the deal value, but local press estimated the deal to be worth $650m-$700m, down from earlier estimates of $800m-$850m. JPMorgan is heard to have been advising Pan American on the sale. Exxon is believed to have not used an investment bank. Exxon declines to comment on price and advisors. Pan American does not return calls for comment.
Category: Paraguay
Posted inDaily Brief
IDB Lands Debut Paraguay A/B Loan
Banco Continental has signed a $40m syndicated A/B loan via the IDB, which will go towards increasing lending to small and mid-sized businesses. The A loan, from the IDB, is for $25m and is for 5 years, with a 2 year grace period. The B loan is divided into 2 tranches. The first tranche is a $5m 3-year bullet funded by Dexia Micro-Credit Fund, managed by BlueOrchard. The second tranche is for $10m, with a 5-year maturity and 2-year grace period. Participants were responsAbility SICAV (Lux) Mikrofinanz-Fonds and responsAbility SICAV (Lux) Microfinance Leaders, managed by responsAbility Social Investments. It is the first loan in Paraguay to be syndicated by the IDB. “We expect to see more transactions to fund financial institutions committed to providing financing in a way that is relevant to development and financially sustainable,” Daniela Carrera-Marquis, head of the IDB’s financial markets division, tells LatinFinance. “Investors are becoming more interested in transactions that are financially viable, but also contribute to sustainability,” she adds.